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LEGAL RESERVES: The total amount of vault cash or Federal Reserve deposits of a bank. These are the only bank assets that can be used legally to satisfy reserve requirements.

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Lesson 11: Elasticity Basics | Unit 1: The Concept Page: 1 of 25

Topic: Stretchability <=PAGE BACK | PAGE NEXT=>

  • The notion of stretchability is extremely important for the analysis of the market.

  • The quantities of a good demanded and supplied are stretchable, with price being the instigating force.

  • A better understanding of this stretchability concept might be useful.

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TOTAL REVENUE CURVE, MONOPOLY

A curve that graphically represents the relation between the total revenue received by a monopoly firm for selling its output and the quantity of output sold. It is combined with a monopoly firm's total cost curve to determine economic profit and the profit maximizing level of production. The slope of the total revenue curve is marginal revenue.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either a flower arrangement with anything but tulips for your grandfather or a birthday greeting card for your mother that doesn't look like a greeting card. Be on the lookout for mail order catalogs with hidden messages.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"If we all did the things we are capable of doing, we would literally astound ourselves."

-- Thomas Edison

NIPA
National Income and Product Accounts
A PEDestrian's Guide
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